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- AUD/USD to see a break below 0.7666/43 and further corrective weakness towards 0.7502/62 - Credit Suisse
AUD/USD to see a break below 0.7666/43 and further corrective weakness towards 0.7502/62 - Credit Suisse
FXStreet reports that according to economists at Credit Suisse, the AUD/USD pair is set to complete an irregular top below 0.7666/43, with next support then seen at 0.7502, which is expected to provide a solid floor.
“AUD/USD is starting to succumb to its dramatic loss of momentum and with a momentum top now confirmed, we shift from our cautious stance towards a preference for a deeper correction lower.”
“A top would be confirmed below 0.7666/43, which would suggest a deeper fall back to 0.7603/7599, then the 0.7557 low. The size of the small top suggests a move towards the 55-day average and key price low at 0.7502 /7462 is possible, however we would expect the market to find a solid floor here in line with the broader uptrend.”
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